Thursday, October 23, 2008

US stocks rally 2% at the close

After yet another mostly bearish day of trading, US stocks rallied near the close as the Dow closed at 8691 while the S&P finished at 908. The optimism borne in New York followed a negative day in Asia as the Nifty closed below 3000 to 2943 and the Sensex likewise broke below another major psychological level of 10,000 and ended the day at 9771.

With the long-awaited up day now behind us, we can look towards tomorrow for an indication of next week's trends. With Mercury applying towards Rahu's aspect while Mars simultaneously applies to aspect Rahu, it is hard to make a convincing case that this rally will continue. While I think Monday's planetary influences are clearly worse, Friday's also seem somewhat negative.